Tracking the probe on Sekhar Reddy's illegal money trail — Gold, cash and murky deals

ED arrests sand mining baron Sekhar Reddy

Income Tax department officials come out of the office of K. Rathinam, an associate of Sekhar Reddy, after conducting raid in his premises in Dindigul on Saturday.   | Photo Credit: Special Arrangement

Industrialist and sand mining baron J. Sekhar Reddy was arrested by the Enforcement Directorate (ED) late night on Monday.

A senior Enforcement Directorate official said, “He has been arrested on charges of money laundering. He has been remanded in judicial custody.” More details would be available later as they were still quizzing him on the issue.

Ongoing investigation

On December 20, 2016, the ED registered a case against Reddy and his business partner Sreenivasulu under the provisions of the Prevention of Money Laundering Act (PMLA).

This was based on an FIR registered by the CBI.

On December 9, the Income Tax Department, during a search, unearthed ₹96.89 crore cash in old high denomination notes and ₹9.63 crore in ₹2,000 currency, along with gold weighing 127 kg, approximately worth ₹36.29 crore.

A day after, another ₹24 crore in ₹2,000 notes was seized by the department.

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Printable version | Jan 27, 2021 12:41:30 PM |

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